Note 3. Restructuring

The Company initiated restructuring plans in 2010 and prior years due to the decline in demand for our products associated with the global economic crisis. Execution of these plans was substantially completed during 2010. In 2011, the Company recorded approximately $8.6 million in charges associated with further streamlining of manufacturing operations and overhead cost reduction, primarily related to facility consolidations in Europe and related headcount reductions. In addition, the 2011 charges included costs associated with the establishment of a centralized European shared service center in the Czech Republic. The Company expects to substantially complete all of the restructuring actions commenced in 2011 during 2012.

During the three-month period ended March 31, 2012, the Company developed and approved restructuring plans designed to improve profitability by reducing our global headcount by approximately 5 percent. These restructuring actions are primarily focused on the European operations included in our Industrial Products Group reportable segment. In the first quarter of 2012, the Company recorded approximately $14.4 million in charges associated with these plans. The Company expects to complete the specific steps contemplated by these plans by the end of 2012.

Charges recorded in connection with these plans are included in "Other operating expense, net" in the Condensed Consolidated Statements of Operations, and are summarized for the fiscal years ended December 31, 2010 and 2011 and the three-month period ended March 31, 2012 by reportable segment as follows:


	Industrial Products Group		Engineered Products Group			Total

Fiscal year 2010	$	3,687	$	(1,491	)	$	2,196
Fiscal year 2011		6,621		1,963			8,584
Three-month period ended March 31, 2012		12,103		2,312			14,415

Total	$	22,411	$	2,784		$	25,195

The following table summarizes the activity in the restructuring accrual accounts for the three-month period ended March 31, 2012:


	Termination Benefits			Other			Total

Balance as of December 31, 2011	$	3,188		$	1,294		$	4,482
Charged to expense		13,806			609			14,415
Payments		(1,232	)		(770	)		(2,002	)
Other, net		58			20			78

Balance as of March 31, 2012	$	15,820		$	1,153		$	16,973